Tag Archives: Cairnhill Road

CapitaLand to launch integrated project in Orchard

CapitaLand will launch an integrated development consisting of residential apartments and serviced residences in the Orchard Road district to the public next month.

At 122 metres tall, it is set to become one of the tallest buildings in the area, and will be directly linked to Paragon via a covered link-bridge.

Located at Cairnhill Road, the 30-storey Cairnhill Nine is the first condominium to launch in the Orchard area in the last three years, and features 268 one, two and four-bedroom apartments and penthouses.

Unit sizes range from 591 sq ft to 3,864 sq ft, with prices starting from $1.35 million for a one-bedder, $2.49 million for a two-bedder, and $3.68 million for a four-bedder. The project’s average price of around $2,500 psf was benchmarked against neighbouring projects.

“Cairnhill Nine is targeted at young professionals, families and foreign buyers who enjoy living amidst the buzz of Singapore’s world-renowned shopping belt,” said Wen Khai Meng, CEO of CapitaLand Singapore.

“We have identified the profiles and lifestyle choices of potential buyers after conducting extensive research on the preferences of those seeking homes in the heart of Orchard Road.”

Last weekend, the property developer held a roadshow in Jakarta targeting Indonesians, as the Orchard area has traditionally been popular with this group of buyers, shared Wen.

Aside from premium finishings, quality fittings and built-in storage systems, the units will also incorporate smart home technologies.

“We will provide our home buyers a smart home starter kit which allows them to remotely control Internet-of-Things (IOT)-enabled home devices such as the air-conditioning system, digital lock with biometric access, and security camera,” noted Wen.

The 99-year leasehold project is close to the Orchard and Somerset MRT stations, as well as shopping malls, established schools and medical facilities. It is expected to be completed at the end of this year.

A VIP preview of Cairnhill Nine will be held at the project’s showflat at Indus Road this Saturday (27 Feb), while viewings by appointment will start next weekend.

Adjoined to Cairnhill Nine is the 20-storey Ascott Orchard Singapore. The serviced residence will feature 220 luxury apartments ranging from studios to two-bedroom units and penthouses. Scheduled to open early next year, the property will offer short- and long-term stays.

CapitaLand’s other integrated development in the vicinity, ION Orchard shopping mall and The Orchard Residences condominium, was completed in phases from 2009. During the launch of the first phase, 98 of the 175 residential units were sold for an average of $3,213 psf.

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Keen interest in Cairnhill and Scotts Road projects

Homes around Cairnhill and Scotts Roads are getting a buzz from new launches and the completion of condominiums in the neighbourhood. CapitaLand recently launched its boutique development, the 64-unit Urban Resort Condominium, and of 34 units launched, 21 had been sold as at end-April, with the latest median price achieved at $3,076 psf, according to the latest data by URA.

At the neighbouring The Laurels, Sing Holdings sold a unit at the 229-unit project for $2,947 psf last month.

Up on Cairnhill Rise, SC Global’s 240-unit upscale condo Hilltops and the neighbouring 140-unit Helios Residences by Wing Tai have obtained their temporary occupation permits (TOP) earlier this year. Along Cairnhill Road, KOP Properties is expected to complete its 56-unit boutique branded residences, Ritz-Carlton Residences by 2H2011. The most recent transaction here was in February, when the 6,501 sq ft triplex penthouse on the 36th level was sold for a whopping $28 million, or $4,307 psf.

Meanwhile, Cairnhill Mansions along Cairnhill Road was put up for en bloc sale last month at a reserve price of $361.5 million, or $2,308 psf ppr. Based on the price tag, the breakeven cost for the developer would be in the range of $3,000 to $3,100 psf, and that means the new development could sell at prices averaging $3,500 psf. The tender for the site, which closes at end-May, is handled by CB Richard Ellis.

Work is also underway at the show flat of Scotts Tower, a bespoke development by Far East Organization. The project, designed by award-winning Dutch architect Ben van Berkel of UNStudio, is located on Cairnhill Road, just off Scotts Road. The development could potentially be launched later this year.

With the spotlight in the Cairnhill-Scotts Road neighbourhood, it’s not surprising that some homebuyers are also turning to the existing condos there. One that has been receiving quite a lot of attention, resulting in a spike in the number of transactions last month, is the 136-unit Scotts 28 located along Scotts Road. The project was jointly developed by Hotel Properties Ltd and MCL Land, and completed in 1999. It was considered one of the most upscale developments in the area when launched, and coveted by the who’s who in Singapore. Scotts 28 has a mix of sizeable units, starting from two-bedroom to four-bedroom apartments, with sizes ranging from 1,098 to 3,606 sq ft. Penthouses are from 4,650 to 6,846 sq ft.

At the peak of the market in 2007, a 1,636 sq ft unit was sold for $3.93 million, or $2,400 psf. Prices this year are approaching that level, and hit a high of $2,250 psf last month when a 1,733 sq ft unit on the 13th floor was sold for $3.9 million. These days, owners of units at Scotts 28 are asking for prices of as high as $2,500 psf on the resale market, notes Arthur Tan, an agent with PropNex. “The sellers are basing their price tags on the recent transacted prices of condos in the area,” he says.

There were three transactions at Scotts 28 from April 26 to 29, with prices ranging from $1,991 to $2,222 psf. A 1,733 sq ft unit on the 15th floor was sold for $3.85 million ($2,222 psf) on April 27. This represents an 81% gain for the previous owner who purchased it at $2.125 million ($1,226 psf) in 2004. Before this, the unit changed hands at $2.2 million ($1,280 psf) in 1999 and $2.4 million ($1,393 psf) in 1995.

Another 1,733 sq ft unit on the 23rd floor was sold for $3.45 million ($1,991 psf). Before this, the unit changed hands at $2.78 million ($1,600 psf) in 1999 and $2.49 million ($1,437 psf) in 1995.On the 18th floor, a 1,636 sq ft unit was sold for $3.5 million ($2,139 psf), or a more than 51% premium over the last transacted price of $2.3 million ($1,408 psf) during the launch in 1995.

Source : The Edge